Casa Fidelio, a freehold landed development located on Fidelio Street, off New Upper Changi Road in District 15, is set to be launched for collective sale through tender on March 20. According to PropNex Realty, the marketing agent for the site, the development is being put up for sale with a reserve price of $24 million, translating to a land rate of $1,388 psf. This marks the first collective sale attempt by the owners of Casa Fidelio.
Built in 1990, Casa Fidelio is a strata-titled landed development comprising of seven cluster terraces. It covers a land area of about 17,293 sq ft and is zoned for residential use under the 2014 Master Plan. The land is designated for two-storey mixed-landed housing.
A map showing the location of Casa Fidelio (Source: EdgeProp LandLens)
Situated in a landed housing enclave, Casa Fidelio is just a short drive away from various amenities such as East Coast Park, dining and lifestyle options at the Katong and Joo Chiat precincts, and shopping malls including Siglap Village, Siglap Centre and Bedok Mall. Furthermore, with the upcoming completion of Kembangan Wave in the near future, residents can expect more amenities in the area. This integrated public housing project next to Kembangan MRT station will include a community club with an eating house, supermarket, and outpatient healthcare facilities.
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Within the vicinity of Casa Fidelio, there are also good schools including Opera Estate Primary School, St Stephen’s School, and Victoria School.
According to Laurence Wong, PropNex’s head of collective sales, the site has the potential to be redeveloped into various configurations, such as luxury cluster houses, landed terraces, or a standalone property. “The regular shape and ample size of the site provide developers with the flexibility to design a project that maximizes functionality and aesthetic appeal. It is well-positioned for transformation into a modern residential development that caters to the demand for landed homes in the East Coast area,” says Wong.
Data from caveats lodged with the authorities shows that the last transaction at Casa Fidelio was in September 2020, when a house with a land area of 1,894 sq ft was sold for $2.27 million ($1,198 psf). According to PropNex, there were only two freehold landed homes transacted on Fidelio Street in 2020, one being a terrace house with a land area of 3,423 sq ft sold for $9 million ($2,629 psf) and the other being a semi-detached house on 2,035 sq ft of land sold for $5.38 million ($2,643 psf). Interestingly, just 400m away, a recently-built corner terrace on Jalan Bangsawan, off Swan Lake Avenue, was transacted at $3,541 psf in December 2020.
The tender for Casa Fidelio will close on April 22 at 3pm.